SCB, was it a shrewd piece of business?

On the July 2, 2008, Standard Chartered Bank stopped an intended 3-week campaign after 2 days given the more than overwhelming response.

What was the campaign about?
SCB advertised on Friday last, to officially launched its campaign from June 27 to July 20, to attract deposits for amounts of $50,000 and above for a 18-month tenure by offering 2.28%.

Ms. Janice Poon, general manager, wealth management, Standard Chartered Bank said they have underestimated the response.

The development has led me to ask a few questions.

1. Was SCB too generous in offering such a "high" interest rate in the current "uninteresting" market environment?
2. Or did SCB know something we don't ie. the cost of money would be higher very soon?
3. Or is SCB in need of the money for a deal urgently?

So will time tell, please?